ResCare Announces Expiration of tender offer related to its 7 3/4% Senior Notes
LOUISVILLE, KY (January 5, 2011) - ResCare, Inc. ("ResCare") today announced the expiration of its previously announced cash tender offer for any and all of its outstanding 7 3/4% Senior Notes due 2013 (the "Notes") and the related consent solicitation (the "Offer") as of 11:59 p.m., New York City time, on January 4, 2011, (the "Expiration Time").
As previously announced, as of 5:00 p.m., New York City time, on December 21, 2010 (the "Consent Payment Deadline") a total of $120,046,000 of Notes, representing approximately 80.0% of the outstanding Notes, had been validly tendered and not withdrawn pursuant to the Offer, and ResCare accepted all such Notes for payment on December 22, 2010. No additional Notes were tendered in the Offer prior to the Expiration Time.
As previously announced, ResCare has called for redemption on January 21, 2011 (the "Redemption Date") of all Notes not accepted for payment in the Offer (the "Redeemed Notes"). On the Redemption Date, the redemption price of $1,019.38 per $1,000 principal amount of the Redeemed Notes provided in the indenture governing the Notes (the "Indenture") will become due and payable together with accrued and unpaid interest to the Redemption Date in an amount equal to $20.45 per $1,000 principal amount of the Redeemed Notes. The Redeemed Notes must be surrendered at the office of the trustee for holders of the Notes to collect the redemption price.
J.P. Morgan Securities LLC and BofA Merrill Lynch were the Dealer Managers for the Offer. The depositary was Computershare Trust Company, N.A., and the information agent was Georgeson Inc. Questions or requests for assistance may be directed to J.P. Morgan Securities LLC at (212) 270-1200 (collect) or (800) 245-8812 (toll free), or to BofA Merrill Lynch at (980) 388-9217 (collect) or (888) 292-0070 (toll free), or to Georgeson Inc. at (866) 203-9357.
ResCare, founded in 1974, offers services to some 60,000 people daily in 41 states, Washington, DC, Puerto Rico and certain international locations. ResCare is a human services company that provides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to elderly people who need in-home care, to youths with special needs and to adults who are experiencing barriers to employment. ResCare is based in Louisville, Kentucky.
ResCare from time to time makes forward-looking statements in its public disclosures, including statements relating to revenues that might be expected from new or acquired programs and facilities, other statements regarding development and acquisition activities, statements regarding reimbursement under federal and state programs and statements regarding various trends favoring downsizing, deinstitutionalization and privatization of government programs. In its annual, quarterly and current reports filed with the SEC under the federal securities laws and/or posted to its website, as applicable, ResCare identifies important factors that could cause ResCare's results to differ materially from those contained in such forward-looking statements. Please refer to those disclosures. Any forward-looking statements that ResCare has made in this release speak only as of the date of such statements, and ResCare undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
This press release is not an offer to purchase or a solicitation of an offer to sell securities, including the Notes.